Last week I got news that my uncle in India died and he left his restaurant that he ran there to me. I currently reside and work in nj and I wanted to know how I can bring the income that the restaurant makes over here. It makes close to $9k per month and my uncle paid Indian income tax. So now do I have to pay both Indian and US taxes on that income to use it?

Thanks

Sat Apr 27, 2013 11:08 am

coasterSenior Advisor

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If you return the income to the US it will be taxable income to you on the tax return you file in the US; I don't know whether or not that may be a tax deduction on the tax return filed in India. If you also pay tax on that income in India it will be either a tax deduction or a tax credit on your US return, depending on how you want to treat it. (although in this case it probably will have to be a credit).

I am a big believer in being informed and handling as much as possible in my financial life myself. However, when my wife and I got to the point that we had income from more than one source in more than one state, I got a good CPA to handle my return. I would think $9k monthly income that needs to cross continental lines certainly justifies the expense of hiring a pro.

Sat May 04, 2013 8:02 pm

pezlindaloNew Member

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With so many students out there looking for internships and experience, it certainly should not be that hard to find an intern. You can easily find an intern in places like Craigs's list or by running an ad in your local newspaper, but the quality of applicants will not be that high. At InternProfits, we personally like to approach colleges and universities as we find them to be the best places to find the highest caliber interns.

Tue Aug 13, 2013 9:49 am

JohnsonJohnMember

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International small business are best for improving business skills and i prefer small scale business for this and it ultimately supports skills and one can easily improve business skills by starting such sort of business.